Citing sources familiar with the matter, Reuters reported that the Organization of the Petroleum Exporting Countries and allies including Russia, known collectively as OPEC+, have started to discuss a potential output cut for the next meeting.

One of the sources told Reuters that a reduction in oil output was "likely." The group is scheduled to meet on October 5.

Market reaction

Crude oil prices edged slightly higher from daily lows on this headline but the market reaction was relatively subdued. As of writing, the barrel of West Texas Intermediate was trading at $80.80, where it was down 1.3% on a daily basis.